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Techs Lead the Market in A Strong Bounce! SPX, Nasdaq, BIDU, SINA, SOHU, QIHU, PCLN, GOOG, AMZN, OPEN

|Includes: AMZN, Baidu, Inc. (BIDU), BKNG, GOOG, OPEN, QIHU, SINA, SOHU

Stocks popped higher today at open and never looked back!  Buyers were rushing back into the beaten down tech stocks.  The bounce was broad-based, although short-covering rendered the oversold sectors flying.  Chinese internet stocks, especially, saw a really strong day!  SINA vaulted almost +20%, trading as high as $92.9 from yesterday's $77.62 close!  Other stocks in the same sector were up as well:  BIDU +7.97%, SOHU +6.2%, QIHU +10.69%.

PCLN, which has fallen from $520 to almost touching $450 in just 2 weeks, popped +6.28%, and was up over $30 intraday!  Its weekly call options soared more than +1000%!!  GOOG bounced a relatively muted +1.74%.  AMZN gained +3.47%.  OPEN climbed +3.81%.

The Dow was up +109.63 points; SPX added +17.16 points; Nasdaq jumped +57.6 points (a whopping +2.19%):

FDN (internet) jumped +3.09%.  XME (metals and mining) gained +3.64% while GDX (gold miners) added +3.37%.  XLE (energy) advanced +1.99%.  XLF (financials) rose +1.41%.  FXI (Chinese ADRs) rebounded +1.55%.

SPX

SPX added +17.16 points to close at 1295.52.  Its 10-day MA and MACD turned up.

Nasdaq

Nasdaq jumped +57.6 points to close at 2687.26.  It closed above 2675, which was an important support level that it broken through last week.  Its MACD went higher.

This was a really powerful bounce today.  VIX fell back, but, still closed above 18.  With the dramatic fall in the last 3 weeks, the market is now far more volatile, and, we could see big moves like this in either direction in the near future.  This afternoon, Greek PM won a symbolic confidence vote, which was much expected by the global markets.  Tomorrow, we'll hear from the Fed and its latest rate decisions.  The market can now begin to draw a bottom with support between 1250-1260.  The immediate resistance is once again between 1300-1310.  With such a strong bounce today, the market will likely need a breather tomorrow.

Good night and HappyTrading! ™

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